Stratis Will Increase Rapidly If It Moves Above 4500 Satoshis, Predicts Trader

Reported today on Being Crypto

For the full article visit: https://beincrypto.com/stratis-will-increase-rapidly-if-it-moves-above-4500-satoshis-predicts-trader/

Stratis has been trading in a range since August 2019. This movement has the characteristics of the consolidation phase, after which a new bullish market cycle is expected to begin.

The trading range of this consolidation has a magnitude of 40%, and the price has tested both the resistance and support areas several times. At the time of writing, it was moving upward towards the resistance area.

Full-time trader @CryptoMichNL noted that the Stratis price has been holding above a strong support area and has shown signs of moving upward.

$STRAT #STRATIS

This one is nicely holding the green zone for support here.

However, the real party kicks off when the 4500 area is broken upwards. Then it breaks the range. pic.twitter.com/MwOjV2UPJN

– Crypto Michaël (@CryptoMichNL) December 12, 2019

Additionally, he suggested that a breakout above the 4500 satoshi resistance area would probably accelerate the rate of increase.

Let’s take a closer look at the price and see how likely this is to happen.

Long-Term Bottom

First, the Stratis price reached the long-term support area at 3000 satoshis in August 2019.

This was almost an all-time low, coinciding with the lows reached in 2016, which was the bottom before the 2017 upward move.

Additionally, the RSI reached an all-time low value of 23 during this time and created bullish divergence. The weekly RSI has never been this low and the only other time it has created bullish divergence (October 2018) an upward move followed.

This suggests that this is a very suitable level to make a low and initiate a reversal, as we have suggested in our previous article.

Looking closer at the movement, we can see the trading range, consisting of two support and one resistance area.

The main support area is at 3250 satoshis, where the double bottom was

Stratis Will Increase Rapidly If It Moves Above 4500 Satoshis, Predicts Trader

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Kane Dane